NBAD Signs up to Deutsche Bank’s Guaranteed US Plus service
The National Bank of Abu Dhabi (NBAD) has signed a memorandum of understanding (MoU) with Deutsche Bank to use its Guaranteed US Plus, a new payment solution used to enhance pricing transparency for clients with individual US dollar (USD) flows into the US. The agreement furthers NBAD’s existing cash management relationship with Deutsche Bank.
The new service was developed by Deutsche Bank’s global transaction banking business to help clients overcome the challenges of common US market practice, to create a more efficient way for US beneficiaries of cross-border USD payments, and their foreign counterparts, to do business. NBAD’s clients will be able to pass on these fee transparency programmes to their own customers for eligible USD payments to the US.
Rola Abu Manneh, senior managing director and head of client relationships, wholesale banking group, at NBAD, said: “We chose to expand our existing cash management relationship with Deutsche Bank to provide our clients with end-to-end pricing transparency for individual USD payments entering the US.”
NBAD, incorporated in 1968, has one of the largest networks in the United Arab Emirates (UAE) with an network of 125 branches and cash offices as well as 485 ATMs across the country. NBAD’s international network consists of 57 branches and offices in 17 countries across five continents from the Far East to the Americas, giving it the largest global network among all UAE banks.